June 19, 2013
'Blue dollar' shoots up yet again
The “blue” or unofficial dollar continued to soar yesterday, shooting up 13 cents to 7.25 pesos for the selling and 7.23 for the buying parties, thus reaching an all-time high record.
The recent upswing in the informal market has been directly proportional with increased demand provoked by the tourist season combined with the state’s established restrictions on the official market.
The official rate crept up half a cent to 4.95 pesos for the selling party, as the disparity with the unofficial rate increased to 46.5 percent, and 4.90 for the buying party.
A Buenos Aires City exchange clerk told press agency DyN that the record jump in the “blue” dollar was also largely due to the abundance of “pesos on the street as a result of end-of-year bonuses” and that “the second week of January sees a stronger demand than the first in terms of tourists seeking to travel abroad.” The development implies that the unofficial rate has climbed 44 cents, or 6.48 percent, in January alone, with tourists resorting to the US dollar’s relative stability in comparison with the peso, despite the government’s restrictions, which intend to halt the flight of capital.
Thinktank abeceb.com stated that the informal market is highly sensitive due to its “reduced” size, implying that the North American currency is “highly volatile,” and a “considerable impact” is seen when it is subjected to even “minor pressures.” The firm added that “periods of uncertainty” can significantly affect the exchange rate, as people might opt to save in dollars.
The rate used to legally sell Buenos Aires stocks in New York also went up, closing at nine cents to 7.12 pesos.
Herald with DyN, Ambito.com